United Bankshares posted Q2 net income of $131.38 million, up 8.83% year over year; diluted EPS rose to $0.95 from $0.85.
Net interest income climbed 3.92% to $285.31 million, while the provision for credit losses eased to $4.96 million from $5.89 million.
Noninterest income jumped 22.4% to $38.51 million, helped by higher brokerage fees and investment securities gains; noninterest expense increased 4.52% to $154.72 million.
Return on average assets improved to 1.56% from 1.49%, while the effective tax rate narrowed to 19.96% from 20.62%.
Capital and balance sheet update
In the first half, the bank repurchased 3,241,721 shares for at an average per share.
UBSI•
